Argentina's pension-fund agency, Anses, has received a favorable court ruling in its battle to obtain a greater voice on the board of steel company Siderar SAIC (ERAR.BA, SDDFF), according to the Labor Ministry.

A judge has issued an injunction preventing Siderar from acting on the resolutions, including the payment of 1.5 billion pesos ($367 million) in dividends, approved at the company's annual general shareholders' meeting held on April 15, the ministry said in a statement.

Anses has asked the courts to void the meeting.

Siderar said in a stock market filing that it has yet to be notified of the judge's ruling.

Industrial conglomerate Techint, which controls Siderar parent Ternium SA (TX) and steel-tube maker Tenaris SA (TS, TEN.MI), and the administration of President Cristina Fernandez have periodically sparred over her economic policies aimed at fostering domestic employment and production.

In February, the government invoked a 1970s supply law to temporarily force steelmakers to roll back price increases. Last year, the country's powerful truckers union and a key ally of the Fernandez administration blocked access to several of Siderar's factories in a dispute over benefits.

The latest row stems from a presidential decree published earlier this month that allows Anses to exercise its full voting rights in the 42 companies in which it owns shares.

Anses became the country's largest institutional investor after the government nationalized the private-pension system at the peak of the 2008-2009 global financial crisis.

Prior to the presidential decree, the agency's voting rights were capped at 5% regardless of its share ownership. Anses ownership exceeds 5% in 32 companies, and it has stakes of more than 20% in 15 companies.

At Siderar's annual shareholders' meeting, Anses voted against the dividend payment and other resolutions proposed by the company's board, while Siderar opposed an attempt by the agency to exercise its 26% stake to place at least one representative on the board of directors.

Securities regulator CNV subsequently declared the meeting void on the grounds that it was plagued by "irregularity and inefficacy." The meeting has been suspended until May 11.

Ternium has said it plans to challenge the CNV resolution and the presidential decree in the courts.

Shares of Siderar traded on the Buenos Aires Stock Exchange recovered from steep losses to trade 0.2% lower at ARS31.10 less than 15 minutes from the session's close, while the benchmark Merval stock index was nearly unchanged.

The incorporation of government-appointed directors has gone more smoothly at banking company Banco Macro SA (BMA, BMA.BA), which is widely viewed as being on good terms with the administration.

Deputy Finance Minister Roberto Feletti has joined Macro as the government's second representative on the bank's board of directors, and Anses has notified natural-gas distribution company Transportadora de Gas del Sur SA (TGS, TGSU2.BA) that it will seek to place directors on its board.

"It will add a bit of a risk premium [to local stocks], but I don't think it's dangerous. The companies still have control. If you have control, you can do whatever you want," said a trader at a Buenos Aires-based brokerage who asked not to be named given the sensitive nature of the issue.

Critics have questioned the president's decision to abolish the voting cap by decree rather than seeking approval from congress. The timing of the decree--just six months before general elections--has also raised eyebrows.

The country's business elite have also reacted with consternation to what many see as an unwanted intrusion by the government in their affairs as they face demands for hefty wage increases from pro-government unions.

The powerful industrial trade group, UIA, has urged the administration to reconsider the move, though at the same time hinted that it is open to a negotiated settlement.

President Fernandez said in a nationwide televised speech Wednesday measures taken by her government such as soft businesses loans and the Anses move are aimed at boosting the profitability of Argentine corporations.

Barclays Capital economist Sebastian Vargas said in a note to clients that the government's change to an active from a passive investor could have broad implications for the way publicly traded companies operate. He said that companies could face greater pressure to increase their dividend distributions with the corresponding impact on investments and corporate credit profiles.

"The significant relative size of Anses as a participant in the local stock market may make firms considering the possibility going public think twice," Vargas wrote.

-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740; ken.parks@dowjones.com